UPDATE JUNE 6
Well another day another round of charges against a Crypto exchange (COINBASE) by the SEC…. And all this strangely in time for the FED launch of the new FEDNOW digital deposit system that looks and smells like a CBDC digital currency but is not yet supposed to be called a CBDC … This is about “Control Control… Quien te Controla”
The SEC put out a press release early this AM — they wanted a full week of this story to run with the headline SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao . Apparently they then sent the actual charges to the accused. I trade in Cryptocurrency and am not on Binance but I do understand from everything I have heard that it is a most reputable and very pro operation. The website looks super cool and streamlined. If it were “allowed” fully here in the USA I would probably use it. The goal when using an exchange is transparency and proper payment and apparently you get both with Binance. So these charges early in the AM meant to dominate a news cycle and perhaps destabilize the crypto currency markets in a week when stocks started the day rallying and crypto would have followed — were dubious to say the least.
First off, It has been a while since I have been on DK sorry. Im a musician and have tried to stay out of politics after DT exhaustion. I’ve been busy with music and creative stuff and recently studied trading and got into crypto after a growing curiosity and healthy fear for the last few years. Now let’s just get one thing straight — Whatever you think, or have heard, love or hate about cryptocurrency and blockchain, and whatever the SEC does or alleges — Crypto is here to stay! Trading Volume totalled 2.8 Trillion in 2023 Q1 alone! Blockchain technology is revolutionary and the whole point is — Transparency + flexibility + speed + ease etc. Now I do not have the time or the energy to write a whole convincing essay on the virtues of block chain. But people who only know MSM will say yeah but — SAM BANKMAN FRIED FTC debacle- to which I say SBF was a small fraction of 17 + years and BILLIONS of Dollars Stolen by BERNIE MADOFF! Dollar currency has far more blood on it than crypto and SBF was discovered cheating BECAUSE and BY BLOCKCHAIN technology after only 3 years of fraud. So yeah, there are criminals and bad guys everywhere, it doesn’t mean the system is corrupt. Just now that I am first and foremost an environmentalist. I have planted and maintain a small reforestation finca in Costa Rica and my goal is to have the financial freedom to plant as many trees as I can possibly plant and make more great inspiring music. I came to crypto because I realized A) it’s inevitability B) possibility of financial gain C) possibility and implementation of creative use of crypto, blockchain, NFTs (IE — Metaverse, WEB 3)
I also saw all these snotty kids making all this money and driving lambos — I will never in a million years want a lambo — but yeah I could put alot of money to proper use in a most sustainable way.
So I thought — Why let them have all this money and fun. I though I want check this out and see what it is all about and maybe — I can use their game for something really positive, sustainable, and impacting. So here I am on my journey and things are going in the right direction right now except — I live in our beautiful super power that is not comfortable with crypto basically because it cuts out the banking system and alot of fat fat government oversight. Do we need regulation and oversight from government in crypto — YES absolutely! But Gary Gensler has purposely dragged his feat on regulation and is just hoping that crypto fades away or dies a slow death. This is very complicated stuff and I have to get to dinner…..
Let me just say that this little trick the SEC pulled today rocked the Crypto markets. I saw my balance fall …. 2 to 3 k in about an hour and a half. I was sweating — but what did I do? When BTC went down down I got into accumulation mode and shorted here and there. The market is already rebounding and will no doubt get back up to decent levels in the next few days and I will have actually made a decent profit for my patience. So thank you SEC nice try….
I am alarmed that my friends on the left have thrown crypto under the bus and the right has taken it as their own vehicle to make more money. We need money to achieve our progressive goals folks. Crypto can help. We pay capital gains taxes and the gains wind up moving the local and national economy. Why the heck are WE on the left in the USA NOT accepting of Crypto? I did a search here on Daily Kos and I cannot find anyone even discussing this? Why? Let’s get with the program and at least get it into the discussion.